Correlation Between Chenzhou Jingui and Wuhan Yangtze
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By analyzing existing cross correlation between Chenzhou Jingui Silver and Wuhan Yangtze Communication, you can compare the effects of market volatilities on Chenzhou Jingui and Wuhan Yangtze and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Chenzhou Jingui with a short position of Wuhan Yangtze. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chenzhou Jingui and Wuhan Yangtze.
Diversification Opportunities for Chenzhou Jingui and Wuhan Yangtze
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Chenzhou and Wuhan is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Chenzhou Jingui Silver and Wuhan Yangtze Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Yangtze Commun and Chenzhou Jingui is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Chenzhou Jingui Silver are associated (or correlated) with Wuhan Yangtze. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Yangtze Commun has no effect on the direction of Chenzhou Jingui i.e., Chenzhou Jingui and Wuhan Yangtze go up and down completely randomly.
Pair Corralation between Chenzhou Jingui and Wuhan Yangtze
Assuming the 90 days trading horizon Chenzhou Jingui Silver is expected to generate 0.57 times more return on investment than Wuhan Yangtze. However, Chenzhou Jingui Silver is 1.77 times less risky than Wuhan Yangtze. It trades about -0.34 of its potential returns per unit of risk. Wuhan Yangtze Communication is currently generating about -0.35 per unit of risk. If you would invest 390.00 in Chenzhou Jingui Silver on October 16, 2024 and sell it today you would lose (47.00) from holding Chenzhou Jingui Silver or give up 12.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chenzhou Jingui Silver vs. Wuhan Yangtze Communication
Performance |
| Timeline |
| Chenzhou Jingui Silver |
| Wuhan Yangtze Commun |
Chenzhou Jingui and Wuhan Yangtze Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chenzhou Jingui and Wuhan Yangtze
The main advantage of trading using opposite Chenzhou Jingui and Wuhan Yangtze positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chenzhou Jingui position performs unexpectedly, Wuhan Yangtze can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Wuhan Yangtze will offset losses from the drop in Wuhan Yangtze's long position.| Chenzhou Jingui vs. Guangdong Qunxing Toys | Chenzhou Jingui vs. Lecron Energy Saving | Chenzhou Jingui vs. Unisplendour Corp | Chenzhou Jingui vs. Ping An Insurance |
| Wuhan Yangtze vs. Guosheng Financial Holding | Wuhan Yangtze vs. Jinlong Machinery Electronic | Wuhan Yangtze vs. Shenzhen Zhongzhuang Construction | Wuhan Yangtze vs. Masterwork Machinery |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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